In the Mumbai real estate market, there were 12,000 property registrations reported in May 2024.
In June 20214, the number of property registrations in the Mumbai real estate market increased by over 11% to 11,443 from 10,319 the previous year, as per the data released by the Inspector General of Registration and Controller of Stamps of Maharashtra. In the Mumbai real estate market, there were 12,000 property registrations reported in May 2024.
According to Maharashtra government data, stamp duty collections from property registrations in the Mumbai real estate market increased by over 15%, from Rs 859 crore in June 2023 to 986 crore in May 2024. Stamp duty receipts were Rs 1,034 crore as of May 2024.
Sectoral estimates indicate that residential units account for approximately 80% of all monthly property registrations in Mumbai.
While there was a YoY increase in Mumbai property registrations in Hune, the average recorded registrations for the first half of 2023 were 12,044 units, higher than the average of 10,578 units for the same period in 2023. As per the findings of a real estate consultant named Knight Frank India, this suggests that Mumbai’s residential market is resilient and buyers remain confident.
Furthermore, the government’s average revenue collection in the first half of 2024 was Rs 974 crore, 8% more than the average of Rs 906 crore in 2023. Many contributing factors, including the increased volume and value of properties being registered, can be attributed to the increase in revenue, according to a report by Knight Frank India.
The property sale registrations’ consistent year-over-year growth highlights Mumbai’s real estate market’s tenacity. Strong GDP growth, rising income levels, and a favorable environment for interest rates are all expected to contribute to this positive trend, leading to more potential buyers, according to Shishir Baijal, Chairman & Managing Director of Knight Frank India.
Properties with 1,000 square feet or less continue to be the most popular.
Apartments between 500 and 1,000 square feet saw a notable spike in June 2024, making up 46% of all property registrations. Conversely, 36% of registrations were for apartments up to 500 square feet, a decrease from 41% in June 2023.
This shows a distinct preference for larger apartments, as the proportion of units under 500 square feet is declining. According to Knight Frank India’s report, 15% of all registrations were for homes with an area of 1,000 square feet or more.
“The home sales registrations for June 2024 have witnessed a rise compared to June 2023, reflecting decent growth over the past year. The influence behind this upward trajectory of housing demand continues to be the connectivity boost across the city and the redevelopment boom. This upbeat sentiment is here to stay, and we will continue to witness the demand to further amplify across all segments and micro-markets in this region, especially in the western suburbs and eastern belt of Sewree-Wadala,” said Dhaval Ajmera, Director, of Ajmera Realty and Infra India Ltd.